HD Hyundai Marine Solution (443060) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
HD Hyundai Marine Solution makes money by keeping ships already in operation running well, split into an AM Solution business (the largest pillar) that supplies ship parts and provides maintenance, a bunkering business for ship fuel, an eco-friendly solution business for retrofits that meet environmental regulations, and a digital solution business for navigation software; of first-quarter 2026 revenue of ₩574.6 billion, exports were ₩465.1 billion (about 81%), a dollar-linked structure. In a March corporate-value enhancement plan it laid out 2028 targets (core-business revenue growing 20% annually on average, an operating margin of 20%, and ROE of 30% or more) and the introduction of a 50–70% payout ratio and quarterly dividends, and in April it confirmed +55% first-quarter net profit growth and a cash dividend. What stands out now is a two-sided picture: the strengths of high profitability, with ROE of 32.7% and an operating margin of 17.7% from an asset-light parts-and-services structure, and the structural tailwind of tightening environmental regulation, against the cautions that with about 80% of revenue from exports, currency swings can shake quarterly net profit substantially, and that bunkering and retrofits are affected by the shipping industry cycle.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Other Services” (Other), a type typically read first through P/E.
These are mostly service businesses that earn steady profits from fairly stable operations, so price-to-earnings (P/E) — the share price against the profits it generates — is the most intuitive starting point. Value here comes from earning power rather than assets.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 13.6% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 18.3% higher than a year earlier.
- ROE is 35.9% (controlling-interest basis). It is above the sector average.
- Operating margin is 17.4%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder HD Hyundai 55.32% (corporate)
Controlling bloc incl. related parties 55.36%
With the controlling bloc holding 55%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
This company is not a place that builds and sells ships and marine engines; it makes money by 'keeping running well' ships that are already in operation. Revenue comes in four branches. (1) The AM Solution business (the largest pillar) supplies ship parts such as main engines, auxiliary engines, electrical equipment, and boilers, and provides maintenance, upkeep, and repair services, and also includes operation and management of onshore power plants. (2) Bunkering is a business that supplies marine fuel and is linked to the shipping industry cycle. (3) The eco-friendly solution business wins, on a turnkey basis, retrofit work such as installing exhaust-emission reduction equipment in line with tightening environmental regulation. (4) The digital solution business is navigation control and management software. Of first-quarter 2026 revenue of ₩574.6 billion, exports were ₩465.1 billion (about 81%), an export-centered, dollar-linked structure that serves the base of HD Hyundai-affiliated ships deployed worldwide.
The latest close is ₩195,800 and the market capitalization is ₩8.8 trillion. The price sits above its 20-day moving average (₩194,230) and below its 60-day moving average (₩215,645). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 47.9, a neutral level. The one-month change is -2.6%, the three-month change is -24.8%, and the position relative to the 52-week high is -30.2%. Relative strength versus the KOSPI is 25 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 24% of all stocks. Over the past three months it lagged the index by 13.6%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Profitability is this company's core strength. ROE (how much is earned on equity in a year) is very high at 32.7%, and the operating margin is 17.7%. Because it is an asset-light business centered on parts and services, it produces high margins without large facilities. Its finances are also solid, with a low debt ratio (debt relative to equity) of 54% and a current ratio of 290% that leaves ample short-term repayment capacity. On valuation, the P/E ratio (how many years of profit the share price represents) on last year's results is 33.60x and the P/B ratio (how many times book equity the share price represents) is 10.36x, both high on the numbers alone. However, for a stock like this whose profit is growing quickly, a P/E calculated on last year's past profit has the limitation of making the stock look more expensive than it really is. The dividend yield is 1.76% (₩3,950 per share), and the payout ratio on a separate-basis net profit is 65.7%, returning a substantial portion of profit to shareholders.
The three-year trend has been steadily upward. Revenue rose from ₩1.43 trillion in 2023 → ₩1.75 trillion in 2024 → ₩1.98 trillion in 2025, operating profit from ₩201.5 billion → ₩271.7 billion → ₩350.1 billion, and net profit from ₩151.1 billion → ₩227.9 billion → ₩269.6 billion. The three-year average annual growth rate is 17.7% for revenue and 31.8% for operating profit, so profit grew faster than revenue. The first quarter of 2026 started with revenue of ₩574.6 billion (+18.3% year over year), operating profit of ₩93.4 billion (+12.5%), and net profit of ₩98.1 billion (+55.0%). Net profit growing faster than operating profit appears to reflect non-operating factors such as foreign exchange and interest income, given the high export weight. In its 2026 corporate-value enhancement plan, the company set official targets of core-business revenue growing 20% annually on average through 2028, a company-wide operating margin of 20%, and ROE of 30% or more. Placing this growth trajectory alongside the first-quarter results, this year's profit is likely to be clearly higher than last year's. Even though the P/E on last year's past profit looks high, on this year's expected profit the burden is lower than that.
The most important event is the 'corporate-value enhancement plan' disclosed in March 2026. In it, the company laid out 2028 targets (core-business revenue growing 20% annually on average, an operating margin of 20%, and ROE of 30% or more) along with a payout ratio of 50–70% over the next three years (on a separate-basis net profit), a minimum dividend of ₩3,600 per share, and the introduction of quarterly dividends (four times a year). In April it fair-disclosed first-quarter 2026 preliminary results confirming +55% net profit growth, and on the same day it also decided on a cash dividend. In June there was a voluntary disclosure related to a sustainability management report. Growth targets, strengthened shareholder returns, and confirmation of results came out sequentially in the first half.
The strong conditions are clear. With an asset-light parts-and-services business structure it produces high profitability of ROE 32.7% and a 17.7% operating margin, its finances are solid with little debt, and unlike shipbuilders that build ships, it steadily absorbs maintenance and retrofit demand from fleets already in operation. On top of that, tightening environmental regulation is a structural tailwind that increases demand for eco-friendly retrofits. The 2028 growth and profitability targets the company itself laid out and the introduction of quarterly dividends support this direction. There are also cautions. About 80% of revenue is from exports, so currency swings can shake quarterly net profit substantially (such factors are mixed into the first quarter's net profit surge as well), and the bunkering and retrofit businesses are affected by the shipping industry cycle and the timing of environmental regulation. The fact that the valuation on last year's profit looks high should also be kept in view; this is a characteristic that appears in stocks whose profit is growing quickly, and on this year's expected profit that burden eases.
🔎 Valuation vs peers Fairly valued
Based on the business substance of ship and engine after-service, compared against shipbuilders within the same HD Hyundai marine ecosystem—though this company is not a shipbuilder that builds ships but an asset-light service business handling maintenance, parts, and retrofits of ships in operation, so its profitability and valuation character differ.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| HD Hyundai Heavy Industries | 37.60x | 5.48x | 19.61% |
| Hanwha Ocean | 22.31x | 4.07x | 22.43% |
A 37.3x P/E and 10.98x P/B on last year's results are higher than the shipbuilding comparison group. But this company is not a shipbuilder that builds ships; it is an asset-light service business that manages ships in operation, and its ROE of 32.7% overwhelms that of shipbuilders (15–20%). With profit-generating power on equity of roughly double, a high P/B is natural given the nature of the business. Also, being a stock whose profit is growing quickly, a P/E calculated on last year's past profit has the limitation of looking more expensive than it really is. Reflecting that first-quarter 2026 net profit grew 55% year over year and that the company set official targets of double-digit revenue growth and a 20% operating margin through 2028, the valuation burden on this year's expected profit is clearly lower than on last year's basis. Placing profitability and growth alongside valuation, it is judged to be a 'fairly valued' range that is hard to declare an extreme overvaluation.
Price history Close · MA20 · MA60
The latest close is ₩195,800 and the market capitalization is ₩8.8 trillion. The price sits above its 20-day moving average (₩194,230) and below its 60-day moving average (₩215,645). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 47.9, a neutral level. The one-month change is -2.6%, the three-month change is -24.8%, and the position relative to the 52-week high is -30.2%. Relative strength versus the KOSPI is 25 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 24% of all stocks. Over the past three months it lagged the index by 13.6%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -13.57% / 6M -11.64% / 12M -47.97%
Key metrics Computed vs whole-market median
Valuation
The P/E of 32.56x is above the whole-market median (12.97x). The P/B of 10.36x is above the whole-market median (0.84x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Intrinsic value (DCF estimate) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 9.2%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.373x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 35.9%, above the whole-market average (3.0%). The operating margin is 17.4%. The debt ratio is 65.1%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.0B | $1.2B | $1.4B | +13.59% ↓ slower |
| Operating profit | $141.5M | $190.9M | $246.0M | +28.86% ↓ slower |
| Net profit | $106.2M | $160.1M | $189.4M | +18.26% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $1.0B | $1.2B | $1.4B |
| Operating profit | — | — | $141.5M | $190.9M | $246.0M |
| Net profit | — | — | $106.2M | $160.1M | $189.4M |
| Revenue CAGR | 2-yr avg 17.73% | ||||
Revenue rose 13.6% year over year (2023 ₩1.4 trillion → 2024 ₩1.7 trillion → 2025 ₩2.0 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 28.9% year over year. The pace of that profit growth is gradually easing. Over the 3 years on record, revenue compound annual growth (CAGR) is 17.7%. The two-year revenue CAGR is 17.7%. In the most recent quarter (Q1 2026), revenue was 18.3% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- ROE of 35.9% points to solid profitability.
- Revenue grew 13.6% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-03-25FilingDisclosure of the 2026 corporate-value enhancement plan — 2028 targets of core-business revenue growing 20% annually on average, an operating margin of 20%, and ROE of 30% or more; introduction over the next three years of a payout ratio of 50–70%, a minimum DPS of ₩3,600, and quarterly dividends (four times a year).The company directly specified medium-term growth and profitability targets and a direction of strengthened shareholder returns. A positive factor that improves the predictability of the profit trajectory and dividends. Source
- 2026-04-24EarningsFirst-quarter 2026 consolidated preliminary results fair disclosure — revenue of ₩574.6 billion (+18.3% year over year), operating profit of ₩93.4 billion (+12.5%), net profit of ₩98.1 billion (+55.0%).Confirms continued growth. The net profit surge in particular strengthens short-term earnings momentum (though non-operating factors such as foreign exchange are partly included). Source
- 2026-04-24DividendDisclosure of a cash and in-kind dividend decision and the dividend record date (shareholder-register closing) decision.Execution of shareholder returns. A dividend with a confirmed amount demonstrates consistency in dividend policy. Source
- 2026-05-15FilingSubmission of the first-quarter 2026 quarterly report — confirmation of the business divisions (AM Solution, bunkering, eco-friendly solution, digital solution) and the revenue structure centered on 81% exports.Detailed confirmation of results. Officially confirms the export-heavy business structure and the makeup of the four business segments. Source
- 2026-06-30IRVoluntary disclosure of related matters such as a sustainability management report.Strengthens transparency of governance and non-financial information. The direct earnings impact is limited. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 ROE | 32.7% (base) | 33.7% | Confirmed | link |
| 2025 payout ratio (on a separate-basis net profit) | 65.7% (base payout_ratio) | 65.7% | Confirmed | link |
| First-quarter 2026 revenue | ₩574.6 billion (base quarter) | 574,609 | Confirmed | link |
| 2026 estimated net profit (internal) | approx. ₩370.0 billion (self-estimate) | — | Unverified | link |
Recent filings Source
- 2026-06-08OwnershipOwnership-change filing
- 2026-05-29Large-business-group status disclosure
- 2026-05-29Corporate governance report
- 2026-05-15PeriodicQuarterly report (amended)
- 2026-05-15PeriodicQuarterly report
- 2026-05-15Disclosure
- 2026-04-24DividendCash/stock dividend decision
- 2026-04-24DividendCash/stock dividend decision
- 2026-04-24EarningsFair-disclosure notice
- 2026-04-17Disclosure
- 2026-04-01OwnershipOwnership-change filing
- 2026-04-01OwnershipOfficers'/major-shareholders' holdings report
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.